CBN injects $210m into forex market

The Central Bank of Nigeria has injected another sum of $210m into the inter-bank foreign exchange market.

The lender said the forex sale was aimed at sustaining liquidity in the forex market, and making forex available for customers’ needs in various segments of the market.

According to the figures obtained from the CBN on Monday, the bank offered $100m to authorised dealers in the wholesale segment of the market, while the Small and Medium-scale Enterprises segment received the sum of $55m.

Customers requiring forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated the sum of $55m.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, while confirming the figures, reassured the public that the bank would continue to intervene in the interbank forex market in line with its desire to sustain liquidity in the market and maintain stability.

He said that the steps taken so far by the CBN in the management of forex was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign exchange reserves.

Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N362/$1 in the Bureau de Change segment of the market on Monday.